Pernod Ricard is expecting to have most of the cost synergies from its Allied Domecq acquisition in place in the second year of the newly combined group.

When the deal was announced, Pernod expected that the synergy benefits would be in place by year three of the deal.

However, speaking in an interview with news agency Reuters, managing director Pierre Pringuet said: "As far as these synergies are concerned I think we can now say that we were cautious when we said year three. We can without doubt attain them in the second year - perhaps not yet totally at the full year stage but in any case for a very large part."

Pernod estimates the annual cost savings at around €300m (US$362m), before tax.